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Newcomers splash $1.6 million to live on Neighbours’ Ramsay Street

A house on one of Australia’s most recognised streets has sold to a surprise bidder with an astute strategy.

Sold for $1.6 million on May 1, the well-renovated home at 1 Pin Oak Court, Vermont South, is the fictional address - Ramsay Street, Erinsborough - on the long-running TV soap Neighbours.

Auctioned by Mr Barry Plant, the founder of the large real estate group and REIV Master Auctioneer, it attracted five bidders and a good crowd of onlookers and fans of the show.

“The buyer turned up on Saturday, had not seen the house previously and waited till it went on the market at $1.505 million before making their first bid,” Barry Plant Glen Waverley agent Carolyn Barton said.

“They were strategic in their bidding and were keen to buy the property after falling in love with the renovated kitchen.”

The result set a street record price and sailed $170,000 above the top of the price guide of $1.30-$1.43 million.

Sales records indicate the 663sq m home was purchased for $235,000 in 1991 – giving the vendor a price gain of $1.365 million.

The previous record price was set in 2019 when 5 Pin Oak Court changed hands for $1.405 million.

Ms Barton said the new owners had not even heard of the popular TV show and are originally from China.

They were pleasantly surprised to learn that the homeowners are paid by the production company for filming that takes place on the cul-de-sac outside the six homes.

The house has been used as the outside of Neighbours character Toadie Rebecchi’s home.

It is owned by Lorraine Rushton, a fan of the long-running series, who moved in three decades ago. She is relocating to the Mornington Peninsula.

The strong result was an indication of the premiums fetched by houses along the street, Ms Barton said.

“It was a good result that was almost $100,000 above the reserve price,” she added.

“Similar Vermont South houses are selling for around $1.3-$1.4 million.”

The suburb is increasingly popular with buyers because it has a catchment of schools and parks and shopping. It is also more affordable than nearby suburbs such as Glen Waverley and Mt Waverley.

The suburb’s median house price was $1.21 million as at March 30, according to realestate.com.au figures.